Global COVID-19 Diagnostics Market is expected to register a CAGR of 6.28% to reach USD 96,293.9 Million by 2027. COVID-19 is an infectious disease that is caused by the coronavirus and primarily affects the lungs. Currently, the world is facing COVID-19 pandemic.
The increasing number of COVID-19 cases and government & private funds as well as support for research & development is expected to drive the market growth. According to the latest data released by Worldometer, there have been 4.71 million COVID-19 cases worldwide till 18 May 2020. The rising number of emergency use authorizations (EUAs) for diagnostic kits & devices and developments & support by non-medical device/diagnostic companies is also anticipated to drive the market growth.
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Global COVID-19 Diagnostics Market has been segmented by Type, Technology, and End Users. The market, based on type, has been bifurcated into molecular tests and serology tests. On the basis of technology, the market has been bifurcated into RT-PCR, isothermal amplification, CRISPR, ELISA, hybridization, and others.
Based on End User, the COVID-19 diagnostics market has been segregated into hospitals, public health labs, private or commercial labs, and others.
Global COVID-19 Diagnostics Market, based on region, has been divided into the Europe, Americas, Asia-Pacific, and the Middle East & Africa.
The Europe region is likely to dominate the global COVID-19 diagnostics market. This can be attributed to the high number of infected patients in the region. According to European Centre for Disease Control and Prevention, as of 19 May 2020, 1 317 267 cases have been reported in the European Union (EU) and European Economic Area (EEA) and the UK. Moreover, the The high COVID-19 morbidity and mortality observed among residents in long-term care facilities (LTCF) in EU/EEA countries pose a major challenge for disease prevention and control in such settings, which raises the demand for the wide availability of diagnostics for immediate detection of COVID-19 cases.
The American market for COVID-19 diagnostics is estimated to be the second largest during the review period. Rapid outbreak of highly infectious acute respiratory disease COVID-19 and the presence of major manufacturers is expected to boost the growth of the regional market. As per the current data i.e. on March 31st, 2020; the U.S. recorded 180,789 of infected cases. Additionally, rising product launches by major players is further fueling the market growth.
Asia-Pacific is estimated to be the fastest-growing market owing to the increasing number of COVID-19 cases, government & private funding for research & development for effective diagnosis. For instance, on 8 April 2020, the Department of Science and Technology (DST), India announced that approximately USD 26.42 million to various scientific institutions, industries, and startups to build innovative solutions to fight against the COVID-19 pandemic. The above factors are expected to boost the demand of testing kits, positively affecting the growth of the Asia-Pacific COVID-19 diagnostics market.
The market in the Middle East & Africa is expected to witness steady growth due to increasing COVID-19 cases and rising initiatives by governments to improve patient care.
The Prominent Players in the Global COVID-19 Diagnostics Market are Becton, Dickinson & Company (US), Bio-Rad Laboratories (US), Danaher Corporation (US), Abbott (US), F. Hoffmann-La Roche Ltd (Switzerland), Biomerieux SA (France), Genmark Diagnostics (US), Thermo Fisher Scientific (US), Qiagen (Germany), and Siemens AG (Germany).
Some of the key strategies followed by players operating in the global COVID-19 diagnostics market were acquisitions, agreements, and product launches.
- In May 2020, Thermo Fisher received a contract from the US government to provide highly specialized viral transport media (VTM) for COVID-19 sample collection.
- In April 2020, BD received Emergency Use Authorization (EUA) from the US Food and Drug Administration (FDA). It uses in diagnosing the patients infected with COVID-19.
- In March 2020, Cepheid, a subsidiary of Danaher received Emergency Use Authorization (EUA) from FDA for Rapid SARS-CoV-2 Test.
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